On Monday morning, the WTI crude oil fell below USD 29, although still on Friday the auction closed at around USD 41.28 per barrel. The cost of the North Sea Brent variety collapsed in about the same way – from USD 45.27 to USD 33 and below. The ruble started to fall amid falling oil prices.
This is the strongest oil prices crash since 1991 since Gulf War. A record drop in oil prices triggered a collapse on the stock exchanges.
To CNN, oil prices drop is due to collapse of an OPEC-Russia deal, which will officially end in late March.
Russian ruble has dropped due to the collapse of the price of Brent crude oil futures. The Ministry of Finance of the Russian Federation has already announced the sale of currency on the market in order to compensate for lost revenue.
As The Journalist reported, Belarus intends to import oil via Odesa-Brody pipeline.
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